Real Estate Market Update: Whistler & Pemberton

October Real Estate Market Review

October was a very busy month for real estate in Whistler. There were a total of 101 reported transactions in Whistler and Pemberton. This is on par with what we saw in September 2014 but is an increase of about 48% over October 2013. The overall number of sales in Whistler is up 18.5% when compared to 2013.

October saw only 63 new listings in Whistler and 82 sales – this continues a three month trend where the number of sales has outpaced the number of new listings coming to market in Whistler. There are now less than 400 listings of traditional real estate available in the Whistler market.

In Pemberton there were 19 sales in October and only 10 new listings. So, the number of sales is outpacing the number of new listings in that community as well and the number of transactions so far in 2014 has increased by 64% when compared to 2013.

It the present time, 39% of all current listings available in Whistler are priced above $1,000,000. However, only 22% of our transactions in 2014 have been over the $1 Million price point. The majority of the action is happening on properties priced below $1,000,000.

Year-to-Date Average Values: Whistler

Chalet: $1,625,596 (14% higher than 2013)

Townhome: $687,844 (1% higher than 2013)

Condominium: $366,462 (17% higher than 2013)

Predictions for September & Beyond

As I look into my crystal ball and try to see what the future holds, here is what we expect to happen:

As inventory drops, sales velocity (the number of transactions) should also decrease due a lack of opportunities and available inventory.

Buyers should be prepared for potential upward movement in pricing as inventory decreases

A falling Canadian dollar should re-invigorate interest from our international clientele – although the Sea-to-Sky and Lower Mainland continue to be our primary market for purchasers of Whistler and Pemberton real estate.

Well priced properties will continue to sell quickly and sometimes with multiple offers

Buyers will continue to look for good purchase value – their primary concern is finding properties that meet their lifestyle and budget requirements. Although we may see upward movement in pricing, overpriced properties will sit on the market longer.

Delays in buying decisions on well priced properties could result in missed opportunities.

In this changing market, it is more important than ever to get the advice of a local expert who has direct experience in the local markets and knows them inside and out. The market is changing – if you have been thinking of selling, this may be the right time.

If you have any questions or would like more information on the local real estate markets, please contact me! I am committed to helping you make the best real estate decisions.